Hiscox leads investment in cycle insurer Bikmo
Cycle insurance specialist Bikmo has secured £1.8 million in its Series A funding round led by the Development Bank of Wales and insurer Hiscox.
Established in 2014, Bikmo offers comprehensive insurance underwritten by specialist insurer Hiscox.
The investment will enable the company to relocate its UK head office to Flintshire, Wales. Additionally, Bikmo plans to increase its investment in the UK, Ireland, Germany and Austria as part of its growth strategy.
David George, Bikmo CEO said: “We are here to support people’s active lifestyles, and we want riders to know that we can cover them, plus their bike and equipment, whether on road or trail. This investment will enable us to grow and support the recreational riders as we always have, plus the new riders we can all see rediscovering the freedom and utility of riding a bike in the fresh air."
Rhodri Evans, deputy fund manager with the Development Bank of Wales, said: “Bikmo benefits from a compelling combination of scalable technology, management experience and a wealth of passion for cycling. The opportunity to support Bikmo’s journey is really exciting. The business has progressed significantly in a short period of time including hugely impressive partnership agreements with some high profile brands. They have a clear growth plan in place and we’re delighted to be welcoming them to Wales.”
Ross Dingwall, managing director broker channel at Hiscox UK, commented: “Bikmo is a great example of using specialist expertise to make life simpler and easier for customers. Its products are based on a deep understanding of the customer and a company-wide passion for riding. When you combine this with innovative technology, it’s a very powerful proposition. We’ve known for some time that this sector has great growth potential, so the opportunities to scale mean Bikmo has an exciting future ahead.”